CITY OF PITTSBURGH SUMMARY NOTICE UNDER LOCAL GOVERNMENT UNIT DEBT ACT NOTICE IS HEREBY GIVEN that on Tuesday, July 31, 2018 at 10:00 a.m., prevailing local time, the City Council (the "City Council") of the City of Pittsburgh (the "City") will hold a public meeting at the Council Chamber, 5th Floor, City-County Building, 414 Grant Street, Pittsburgh, Pennsylvania 15219 for the purpose of authorizing the incurring of non-electoral debt in the estimated aggregate maximum principal amount of $40,000,000 and taking other action in connection therewith and at such meeting, or in the alternative at a meeting of the City Council held not less than three (3) nor more than thirty (30) days from the date of advertisement of this notice, the City will consider the adoption of a Resolution (the "Resolution") summarized as follows: Resolution to authorize and direct the incurring of non-electoral debt through the issuance of one or more series of General Obligation Bonds or Notes (hereinafter referred to as Bonds) of the City of Pittsburgh, Pennsylvania (the Local Government Unit) in the maximum aggregate principal amount of Forty Million Dollars ($40,000,000) for the purpose of providing funds for and toward the costs of (i) financing a capital project within the city consisting of the acquisition of real property including a building situate thereon located at 420 Boulevard of the Allies and renovations and improvements to the building (the "Capital Project"), (ii) financing certain capitalized interest on the Bonds, if desirable and (iii) issuing the Bonds or any or all of the same; stating that realistic cost estimates have been made for the Capital Project; stating the estimated realistic useful life of the Capital Project for which said Bonds are issued; directing the proper officers of the Local Government Unit to prepare, certify and file the required debt statement and borrowing base certificate; covenanting that the Local Government Unit shall include the amount of annual debt service in its budget for each fiscal year; providing for fully registered Bonds, series issuance date of the bonds, interest payment dates, provisions for redemption and stated maximum principal maturity amounts and fixing the maximum rates of interest on such Bonds; authorizing the proper officers of the Local Government Unit to contract with a bank or bank and trust company for its services as sinking fund depository, paying agent and registrar; providing for the registration, transfer and exchange of Bonds; providing for the execution, delivery and authentication of the Bonds and the disposition of the proceeds thereof; approving the form of the Bonds; awarding such Bonds pursuant to a private sale by invitation and stating that such sale is in the best financial interest of the Local Government Unit; covenanting to accept a proposal for the purchase of the Bonds; authorizing, if required by the purchaser of the Bonds, a Note Purchase Agreement, Bond Purchase Agreement, Loan Agreement or similar agreement with respect to the Bonds being sold directly to the Purchaser; execution of a purchase proposal; creating a sinking fund and appropriating maximum annual amounts for the payment of debt service on the Bonds; authorizing and directing the proper officers of the Local Government Unit to certify and to file with the Pennsylvania Department of Community and Economic Development certified copies of the necessary proceedings; covenanting that the proceeds of the Bonds shall not be used in such a manner as to cause the Bonds to be arbitrage Bonds under federal tax law provisions; authorizing and directing the proper officers of the Local Government Unit to do all things necessary to carry out this resolution; appointing certain professionals; authorizing and directing the proper officers of the Local Government Unit to pay issuance costs; making a declaration of official intent that the City be reimbursed from Bond proceeds for certain expenditures paid prior to the issuance of such Bonds; repealing all inconsistent resolutions; providing for severability of provisions; and stating the effective date. Copies of the full text of the proposed resolution may be examined by any citizen at the office of the City Clerk, at the City-County Building, Room 510, 414 Grant Street, Pittsburgh, Pennsylvania, on regular business days from 8:00 a.m. to 4:00 p.m. prevailing time. City of Pittsburgh By: Brenda F. Pree, CMC, City Clerk 412-255-2138
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